drops through doesn't necessarily happen on a straight line one way or the other. But as we sit here today, especially when we look at the -- just the pace of the investments we've made in the technology

what drops through doesn't necessarily happen on a straight line one way or the other but as we sit here today especially when we look at the -- just the pace of the investments we've made in the technology


We're also pleased to report that the volume of tests processed per day increased each month during quarter 1, so there is good solid momentum in the business.

we're also pleased to report that the volume of tests processed per day increased each month during quarter 1 so there is good solid momentum in the business


and we are enhancing our construction offering with the acquisition of PlanGrid. First, let's look at ARR, which is the best proxy for measuring progress in our business model transition and the overall health of our business.

and we are enhancing our construction offering with the acquisition of plangrid first let's look at arr which is the best proxy for measuring progress in our business model transition and the overall health of our business


are in that category. So you'll see us getting more awareness in that space simply because some of our customers are starting to participate more in that part of the market.

60 ops are in that category so you'll see us getting more awareness in that space simply because some of our customers are starting to participate more in that part of the market


The other is, is that, we go on with a more targeted approach towards which cities are built. I think it's a fairly broad-brush approach

the other is is that we go on with a more targeted approach towards where -- which cities are built i think it's a fairly broad brush approach


During the first quarter, we launched a toll-free line for our catering offering and have also been testing delivery and online programs to further support this initiative.

during the first quarter we launched a toll-free line for our catering offering and have also been testing delivery and online programs to further support this initiative


The decrease in 2017 was primarily due to the realignment of our sales force, refinement of our marketing and promotional programs and continued cost control initiatives.

the decrease in 2017 was primarily due to the realignment of our sales force refinement of our marketing and promotional programs and continued cost control initiatives


when we went into a very strong season and then had a big slowdown. Because everybody looks at last year to see what it was in September, as we announced on the third quarter conference call last year was the holdup in the quarter.

where we went into a very strong season and then had a big slowdown because everybody looks at last year to see what it was in september as we announced on the third quarter conference call last year was the hold up in the quarter


And then, obviously, when you bring in customers like a Peterbilt as first adopters, they've been able to demonstrate that this is going to be a successful product and

and then obviously when you bring in customers like a peterbilt as first adopters they've been able to demonstrate that this is going to be a successful product and


fourth quarter to the first quarter, but it will be relatively modest because a number of the actions that we took during late '15, those costs will flow into '16 as well. So

fourth quarter to the first quarter but it will be relatively modest because a number of the actions that we took during late '15 those costs will flow into '16 as well so


how easy is that to do on an operation and manufacturing perspective? And then a follow-up to that would be, Cliff, how often do you and the board discuss portfolio shaping?

how easy is that to do on an operation and manufacturing perspective and then a follow-up to that would be cliff how often do you and the board discuss portfolio shaping


We'll not deviate from taking tough decisions just to flatter results in the short term. We did this in the past, and it led to many a failed restructuring.

will not deviate from taking tough decisions just to flatter results in the short term we did this in the past and it led to many a failed restructuring


This is a decrease of 90,000 units compared to our previous forecast and reflects the fact that difficult market environments persist in Asia, especially China and South America.

this is a decrease of 90 000 units compared to our previous forecast and reflects the fact that difficult market environments persist in asia especially china and south america


As we look to the future, we believe the changes we have made can put us in a better position to successfully drive recurring revenue and margin expansion.

as we look to the future we believe the changes we have made have put us in a better position to successfully drive recurring revenue and margin expansion


lack of purchasing power there or getting worse churns because your volumes are getting down or can you say anything about how these lost volumes impact your

lack of purchasing power there or getting worse terms because your volumes are getting down or can you say anything about how these lost volumes impact your


This quarter represents another significant step toward improving Perceptron through our long-term strategic growth and diversification objectives as well as continued cost reductions.

this quarter represents another significant step toward improving perceptron through our long-term strategic growth and diversification objectives as well as continued cost reductions


Both of these updates to new products support the first 2 cornerstones of our strategic plan, continuously investing in our engineering efforts as well as broadening our product line.

both of these updates to new products support the first 2 cornerstones of our strategic plan continuously investing in our engineering efforts as well as broadening our product line


which we're seeing a major carrier move away from unit trains, that's a huge problem for moving sand, right. So makes it very difficult for that sand to end up in the marketplace at the right price.

which we're seeing a major carrier move away from unit trains that's a huge problem for moving sand right so makes it very difficult for that sand to end up in the marketplace at the right price


Like to thank you for your time and attention today and we're very, very happy to questions firstly from the floor and then we'll go to the line, so the people who have dialed in.

like to thank you for your time and attention today and we're very very happy to field questions firstly from the floor and then we'll go to the lines or the people who have dialed in


This concludes today's call. Thank you for your participation. You may now disconnect.

this concludes today's call thank you for your participation you may now disconnect


As I mentioned briefly a bit earlier, various makers are entering this area with a variety of brands, making for a very competitive market.

as i mentioned briefly a bit earlier various makers are entering this area with a variety of brands making for a very competitive market


What's the mechanism to get the rest of the fleet that was already in the field to see those kinds of price increases? I'm just wondering if there is any sort of timing on customer agreements and contracts that

what's the mechanism to get the rest of the fleet that was already in the field to see those kinds of price increases i'm just wondering if there's any sort of timing on customer agreements and contracts that


we wanted to provide you with some more insight into their historical financial performance, which we have carefully vetted and discussed at length with their management team.

we wanted to provide you with some more insight into their historical financial performance which we have carefully vetted and discussed at length with our management team


We are also pursuing several options to expand our capacity, which we hope to report on in the coming quarters. I will now turn the call over to Troy to provide greater detail on our financial results.

we are also pursuing several options to expand our capacity which we hope to report on in the coming quarters i will now turn the call over to troy to provide greater detail on our financial results


the same types of trends that you've seen in the past, subject to CCAR. So that hopefully does mean increase in dividends and whatever the difference is in terms of buybacks. So

the same types of trends that you've seen in the past subject to ccar so that hopefully does mean increase in dividends and whatever the difference is in terms of buybacks so


Given that this was a nonrecurring situation experienced by the company in March that we believe that the effective rate will return to historical levels as of April.

given that this was a non-recurring situation experienced by the company in march that we believe that the effective rate will return to historical levels as of april


probably a mix of smaller than what we -- the last couple that we've announced, those are highlighted projects because they're significant, but there's a lot of smaller projects that are still very meaningful

probably a mix of smaller than what we -- the last couple that we've announced those are highlighted projects because they're significant but there's a lot of smaller projects that are still very meaningful


We will leverage our experience and reputation in reactive services to continue the development of our proactive services such as design evaluations, risk management and regulatory consulting.

we will leverage our experience and reputation in reactive services to continue the development of our proactive services such as design evaluations risk management and regulatory consulting


On top of this, we continue to show a solid progression on the target growth to 2019. More than half of our target is secured as we speak.

on top of this we continue to show a solid progression on the project growth to 2019 more than half of our target is secured as we speak


credit cards or auto lending, begin to see early ticks on credit warning and those aren't categories for us at all. But if there's a signal to be gleaned from it, we'll be paying attention.

credit cards or auto lending begin to see early ticks on credit warning and those aren't categories for us at all but if there's a signal to be gleaned from it we'll be paying attention


And there's been limited discussion around the concessions, which we thought would unwind after a pretty favorable position in December. So perhaps give us a little bit more color around that and how those that evolves in the second half.

there's been limited discussion around the concessions which we thought would unwind after a pretty favorable position in december so perhaps give us a little bit more color around that and how that evolves in the second half


The new organizational model, which is called freedom in boundaries where we have a lot of empowerment locally, but where we have, on the one hand, a very clear competence

the new organizational model which is called freedom in boundaries where we have a lot of empowerment locally but where we have on the one hand a very clear competence


want Teekay that can operate safely and that's why we have this huge focus on lowering our cost because that makes us more relevant. So that's how we're approaching it on the gas side.

want tk that can operate safely and that's why we have this huge focus on lowering our costs because that makes us more relevant so that's how we're approaching it on the gas side


Thank you, Roz. Good afternoon, everyone. I appreciate the opportunity to speak to you from Shanghai in order to expand on Kevin's comments around Starbucks' solid foundation in China,

thank you ross good afternoon everyone i appreciate the opportunity to speak to you from shanghai in order to expand on kevin's comments around starbucks solid foundation in china


This is new product offering in the market and we plan to continue to experiment, test and optimize across all sales channels, driven by our new business intelligence team.

this is new product offering in the market and we plan to continue to experiment test and optimize across all sales channels driven by our new business intelligence team


and our full year outlook has been adjusted to account for the most recent revisions in independent forecast projections that reflect further production declines this year,


We typically start incurring costs associated with new stores approximately 6 months ahead of opening, and there will be additional expenses incurred throughout the fiscal year as we prepare to open these locations.

we typically start incurring costs associated with new stores approximately 6 months ahead of opening and there will be additional expenses incurred throughout the fiscal year as we prepare to open these locations


as a business. I mean we -- I characterize it internally here. We think we're doing pretty well, but we're like the best hockey players in Mexico and we want to get to the NHL here in terms of our cost management.

as a business i mean we're -- i characterize it internally here we think we're doing pretty well but we're like the best hockey players in mexico and we want to get to the nhl here in terms of our cost management


So we just say stay tuned, but yes, we expect more deals to be done and we expect at least 1 or 2, maybe more, even in Q2 to be announced.

so we just say stay tuned but yes we expect more deals to be done and we expect at least 1 or 2 maybe more even in q2 to be announced


In closing, I'll repeat one of the themes from last quarter. With our strong growth in insurance-in-force laying the foundation for future growth in premiums and net income,

in closing i'll repeat one of the themes from last quarter with our strong growth in insurance in force laying the foundation for future growth in premiums and net income


Still, full year organic growth is expected to be within the 3% to 5% range originally established for the year and most likely at the upper end of that range.

still full year organic growth is expected to be within the 3% to 5% range originally established for the year and most likely at the upper end of that range


Will it expand beyond that? We won't know until the summer quite frankly, because we're such a leisure summer-driven business. But we're monitoring it closely. And we're working with our franchisees

will it expand beyond that we won't know until the summer quite frankly because we're such a leisure summer-driven business but we're monitoring it closely and we're working with our franchisees


with us on that. And I think -- our view is that will continue to grow. And we think eventually that has a chance to grow into the front end at the lender level. It's kind of a natural evolution,

with us on that and i think our view is that will continue to grow and we think eventually that has a chance to grow into kind of front end at the lender level it's kind of a natural evolution


anticipating a lot of increase in construction and have done a good job of getting out in front of that in terms of contracting. So we feel pretty comfortable

anticipating a lot of increase in construction and it's done a good job of getting out in front of that in terms of contracting so feel pretty comfortable


Our outlook for 2016 is influenced by several factors, including the overall growth rate of China pharmaceuticals market, anticipated pricing pressure on the provincial level,

our outlook for 2016 is influenced by several factors including the overall growth rate of china pharmaceuticals market anticipated pricing pressure on the provincial level


where you're not operationally involved at this stage. At what point do you feel sufficient confidence in the outlook for the product and the value of that royalty stream that you might

where you're not operationally involved at this stage at what point do you feel sufficient confidence in the outlook for the product and the value of that royalty stream that you might


Our business is very strong at Kohl's. It's also very strong at Amazon, and we are now looking at growing also in new categories, such as home fragrance.

our business is very strong at kohl's it's also very strong at amazon and we are now looking at growing also in new categories such as home fragrance


And also for 2019, we today announced a double-digit increase in our dividend and the continuation of our share repurchase program signaling our confidence in the company's future.

and also for 2019 we today announced a double-digit increase in our dividend and the continuation of our share repurchase program signaling our confidence in the company's future


With ERICO and enclosures performing as expected and thermal completing the large Canadian projects, we still believe Technical Solutions remains well positioned longer term.

with erico and enclosures performing as expected and thermal completing the large canadian projects we still believe technical solutions remains well positioned longer term


Thanks, Naren, and good evening, ladies and gentlemen. I would like to now talk about some of the highlights of our financial performance. As you would see from the release, our financial performance has been very strong this quarter,

thanks narendran and good evening ladies and gentlemen i would like to now talk about some of the highlights of our financial performance as you would see from the release our financial performance has been very strong this quarter


but we're going to have to see how successful those products are. So I would say overall the breadth is pretty good. The pipeline is full. And that 2% to 4% stands.

but we're going to have to see how successful those products are so i would say overall the breadth is pretty good the pipeline is full and that 2% to 4% stands


And finally, the REIT announcement was more than just a tax strategy. I've seen an energetic focus on activities that create value in a way that REIT investors will appreciate

and finally the reit announcement was more than just a tax strategy i've seen an energetic focus on activities that create value in a way that reit investors will appreciate


We also grow more confident in the unbound opportunity in front of us. With the infrastructure and capabilities we have built, we are now, or soon will be, the best answer if the question is genetics at all stages in life.

we also grow more confident in the unbound opportunity in front of us with the infrastructure and capabilities we have built we are now or soon will be the best answer if the question is genetics at all stages in life


like with any launch that we see, whether it's sometimes with gaming, sometimes it's mobile, we absolutely across our channels, I think that's what important, both online and in the stores, we absolutely can see some

like with any launch that we see whether it's -- sometimes it's gaming sometimes it's mobile we absolutely across our channels i think that's what's important both online and in the stores we absolutely can see some


As a result of the revenue pressures from weak power generation markets, Base Power is expected to represent the largest component of decline in overall core revenues and segment income year-over-year.

as a result of the revenue pressures from weak power generation markets base power is expected to represent the largest component of the decline in overall core revenues and segment income year-over-year


First, while we've had more than our share of legal and regulatory issues to address, the broader organization is not consumed by them. We are moving forward and are focused on managing the business and sales performance.

first while we've had more than our share of legal and regulatory issues to address the broader organization is not consumed by them we are moving forward and are focused on managing the business and sales performance


targeted operating range of 18% to 20%. We continue to believe this range provides a good mix of returns to the bottom line while still providing investment opportunities to grow our business.

targeted operating range of 18% to 20% we continue to believe this range provides a good mix of returns to the bottom line while still providing investment opportunities to grow our business


As I look at the evolving health-care landscape, it is clear that our powerful collection of assets protects our clients against tomorrow's health-care challenges, while we address today's acute client needs.

as i look at the evolving health care landscape it is clear that our powerful collection of assets protect our clients against tomorrow's health care challenges while we address today's acute client needs


that revenue on a per claim basis isn't just an output of inflation and filling what -- it really is impacted by formulary design and what we do.

that revenue on a per claim basis isn't just an output of inflation and filling -- it really is impacted by formulary design and what we do


consultant headcount is a very soft number, guys. And I don't really like to be held down to exact because we know when they start. We don't know when they stop.

consultant headcount is a very soft number guys and i don't really like to be held down to exact because we know when they start we don't know when they stop


In the past few fiscal years, we have benefited from a declining cost environment that led to an expansion of per-gallon margins. This pricing environment has changed somewhat.

in the past few fiscal years we have benefited from a declining cost environment that led to an expansion of per gallon margins this pricing environment has changed somewhat


that our proposed transaction and structure is almost identical to many others in the industry and is very similar to the Purdue-Kaplan proposal, which HLC is also reviewing at this time.

that our proposed transaction and structure is almost identical to many others in the industry and is very similar to the purdue kaplan proposal which hlc is also reviewing at this time


But then in their hierarchy of churches in one denomination, the larger mid-tier or the larger megas might be the only ones that would have a centralized

but then in the hierarchy of churches in one denomination the larger mid-tier or the larger megas might be the only ones that would have a centralized


with a lower cost. And we've talked earlier about the supply chain, we have the biggest supply chain in the Nordics for any IT

with a lower cost and we've talked earlier about the supply chain we have the biggest supply chain in the nordics for any it


I expect a smooth transition once a successor has been named by the Board. I have no doubt that Aptar will continue to lead the industry in dispensing and sealing solutions for many years to come.

i expect a smooth transition once the successor has been named by the board i have no doubt that aptar will continue to lead the industry in dispensing and sealing solutions for many years to come


We delivered good growth in fixed mobile bundling and consumer. The new mobile and fixed propositions introduced in June and July give our customers more flexibility for add-on content

we delivered good growth in fixed mobile bundling in consumer the new mobile and fixed propositions introduced in june and july give our customers more flexibility for add-on content


continued. So the results were improved greatly from the year before, where there was equipment problems. Moving on to the next page.

continued so the results were improved greatly from the year before where there was equipment problems moving on to the next page


Prior to getting started, I'd like to remind you of the language in our forward-looking statement section of the press release, which was released yesterday, as well as in our Form 10-Q, which will be filed today.

prior to getting started i'd like to remind you of the language in our forward-looking statement section of the press release which was released yesterday as well as in our form 10-q which will be filed today


What I would say is this is a market that our commercial guys are excited about, and they're able to do big deals. We've done a number of big deals in the commercial segment,

what i would say is this is a market that our commercial guys are excited about and they're able to do big deals we've done a number of big deals in the commercial segment


a variety of these initiatives identified through our annual planning process, which may yield benefits in 2016. First of all, the new equipment and the technology that we're bringing in.

a variety of these initiatives identified through our annual planning process which may yield benefits in 2016 first of all the new equipment and the technology that we're bringing in


And I would say we continue to look for opportunities to effectively -- more effectively manage that spend. In some cases, it's going to allow us to reinvest those dollars in important

and i would say we continue to look for opportunities to effectively -- more effectively manage that spend in some cases it's going to allow us to reinvest those dollars in important


whether it's solar or wind, being able then to store the electricity and then use it as needed is something we see would be actually very beneficial. Now to do it in

whether it's solar or wind being able then to store the electricity and then use it as needed is something we see would be very -- actually very beneficial now to do it in


We remain very confident in our discovery capabilities and intend to continue to enhance them to maintain our strong competency in the field of novel target discovery.

we remain very confident in our discovery capabilities and intend to continue to enhance them to maintain our strong competency in the field of novel target discovery


With the weakened U.S. dollar, a ballooning deficit and recent economic stimulus added to an already growing economy, we feel that interest rates will continue to rise, but at a modest pace.

with a weakened u s dollar a ballooning deficit and recent economic stimulus added to an already growing economy we feel that interest rates will continue to rise but at a modest pace


One of the big differences is nonres, particularly in Southern California and is -- as we saw in the preconstruction pipelines a year ago, and we talked about it's going to flow through,

one of the big differences is nonres particularly in southern california and is as we saw in the preconstruction pipelines a year ago and we talked about it's going to flow through


As we do so, we're developing a global network of interconnected fulfillers. Redbubble has enjoyed over a decade of strong growth, and the momentum continues.

as we do so we're developing a global network of interconnected fulfillers redbubble has enjoyed over a decade of strong growth and the momentum continues


Our goal is to be the trusted energy company. And we'll do that by being devoted to our people, our partners and performance excellence. With that, I'll turn the call over to Mike.

our goal is to be the trusted energy company and we'll do that by being devoted to our people our partners and performance excellence with that i'll turn the call over to mike


But as I look past the next couple of quarters, I am very confident that these are the right changes, and will deliver stronger growth, levels more in line with our historic expectations.

but as i look past the next couple of quarters i am very confident that these are the right changes and will deliver stronger growth levels more in line with our historic expectations


Commercial production in Dublin has already begun and will ramp up throughout 2017. And we remain on schedule with the first phase of our Waterford, Ireland site,

commercial production in dublin has already begun and will ramp up throughout 2017 and we remain on schedule with the first phase of our waterford ireland site


This is a randomized 2-way crossover study in healthy subjects, which is a streamlined version of the pilot study and is being run at the same site as the pilot study.

this is a randomized 2-way crossover study in healthy subjects which is a streamlined version of the pilot study and is being run at the same site as the pilot study


Third, we have stepped up our focus on new business generation considerably. Most of our sales force hiring has been aimed at business development.

third we have stepped up our focus on new business generation considerably most of our sales force hiring has been aimed at business development


has really already been accounted for in the expense base. Is that fair to say? That's very fair to say. Let me just go through perhaps, how we funded this initiative,

has really already been accounted for in the expense base is that fair to say that's very fair to say let me just go through perhaps how we funded this initiative


because of the way our economics work as well as the terms of our acquisition of Jamison. Obviously, we would much rather have it, but we move on and replace the revenue. Not too concerned about it.

because of the way our economics work as well as the terms of our acquisition of jamieson obviously we'd much rather have it but we move on and replace the revenue not too concerned about it


At both the Cameron LNG and Freeport LNG projects, we were back up to full site staff levels within a couple of weeks after the hurricane and continue to make good progress.

at both the cameron lng and freeport lng projects we were back up to full site staff levels within a couple of weeks after the hurricane and continue to make good progress


Steve, this is Andy. It would be our goal to be able to continue to execute, I think, again, as we've talked about, related to positioning ourselves with the capital structure to be able to do that. We feel very good about

steve this is andy it would be our goal to be able to continue to execute i think again as we talked about related to positioning ourselves with the capital structure to be able to do that we feel very good about


We entered the quarter very well contracted, ran our mines close to capacity and took advantage of export opportunities to ensure consistent operations and expand our total margins.

we entered the quarter very well contracted ran our mines close to capacity and took advantage of export opportunities to ensure consistent operations and expand our total margins


the degree to which -- I think when we went back a quarter or so, the dynamics on The Strip among the larger players were related or a driver

the degree to which i think when we went back a quarter or so the dynamics on the strip among the larger players were related or a driver


Some of the noise that gets created around your business and understand is -- are our all our stakeholders as patient as we would need them to be?

some of the noise that gets created around your business and understand is are all our stakeholders as patient as we would need them to be


I think the commercial success that we have had in Oklahoma really speaks to the quality of our team, commercial operations and engineering. And our ability to attract business,

i think the commercial success that we have had in oklahoma really speaks to the quality of our team commercial operations and engineering and our ability to attract business


So we feel like we've got a great competency already. And I think in our engagement with those folks up to date, although it's been limited until we own the business, we believe that there's some great sharing that we can do there.

so we feel like we've got a great competency already and i think in our engagement with those folks up to date although it's been limited until we own the business we believe that there's some great sharing that we can do there


This quarter and also on this slide, we are adding ORIG3N to this list of more mature private portfolio companies that we believe potentially can drive value in the future.

this quarter and also on this slide we are adding origin to this list of more mature private portfolio companies that we believe potentially can drive value in the future


Our earnings release and SEC filings contain additional information about these non-GAAP measures, why we use them and why we believe they're helpful to investors and contain reconciliations to the GAAP data.

our earnings release and sec filings contain additional information about these non-gaap measures why we use them and why we believe they're helpful to investors and contain reconciliations to the gaap data


Moving forward, we're going to take it one quarter at a time based upon customer backlog, order visibility and our operational ability to deliver these new products and technologies.

moving forward we're going to take it one quarter at a time based upon customer backlog order visibility and our operational ability to deliver these new products and technologies


but understand, we have more opportunity to improve. Our teams remain committed to working together to enhance our performance in managing markets,

but understand we have more opportunity to improve our teams remain committed to working together to enhance our performance in managing markets


Third, we completed the sale of a recycled tissue mill in Ladysmith, Wisconsin, which allows us to focus on our strategy of producing premium and ultra-quality tissue for the retail market.

third we completed the sale of a recycled tissue mill in ladysmith wisconsin which allows us to focus on our strategy of producing premium and ultra-quality tissue for the retail market


meeting with the most senior people at least in the technical ranks of our customers, with great success explaining SmartConnect, explaining what intelligent connection technology really means.

meeting with the most senior people at least in the technical ranks of our customers with great success explaining smart connect -- explaining what intelligent connection technology really means


Say you get coupon through Yahoo and that coupon is linked to PayPay, so if you use PayPay as the payment scheme, you can use that coupon.

say you get coupon through yahoo and that coupon is linked to paypay so if you use paypay as the payment scheme you can use that coupon


Sales and service is also important in a low-growth environment, so we're trying to get our underwriters to be more proactive looking for opportunities and ensure we maintain high levels of service on both underwriting and claims.

sales and service is also important in a low growth environment so we're trying to get our underwriters to be more proactive looking for opportunities and ensure we maintain high levels of service on both underwriting and claims


Additional information about factors that could cause different results and information about the use by the company of non-GAAP financial measures is available in today's news release and on the company's website.

additional information about factors that could cause different results and information about the use by the company of non-gaap financial measures is available in today's news release and on the company's website


Thanks, Adam. During the second quarter, we made significant progress in gaining registration for important new products and also advanced a number of new programs. On the infectious disease front,

thanks adam during the second quarter we made significant progress in gaining registration for important new products and also advanced a number of new programs on the infectious disease front


My next question is when you look at your last couple of acquisitions, like Moy Park and the Cargill Pork acquisition, can you, just isolating those 2, can you talk about

my next question is when you look at your last couple of acquisitions like moi park and the cardinal pork acquisition can you -- just isolating those 2 can you talk about


but are you seeing this? And do you feel there is room for further pricing in light of how the consumer is behaving right now? Is it something that can be well absorbed? Or we should be cautious going into next year?

but are you seeing this and do you feel there is room for further pricing in light of how the consumer is behaving right now i mean is it something that can be well absorbed or we should be cautious going into next year


it's not only mortgage originations that you're seeing, but we're also seeing the impact of whether people are shopping more or less, and we try to build that into the forecast. We would freely admit forecasting the mortgage market is difficult.

so it's not only mortgage originations that you're seeing but we're also seeing the impact of whether people are shopping more or less and we try to build that into the forecast we would freely admit forecasting the mortgage market is difficult


impressive, still under 40%. I mean, are there any major expense initiatives that you have to undertake or regulators making you invest anywhere that you wouldn't have otherwise or anything that will drive that incrementally higher from here?

impressive still under 40% i mean are there any major expense initiatives that you have to undertake or regulators making you invest anywhere that you wouldn't have otherwise or anything that will drive that incrementally higher from here


Moving forward, we expect to be active in the program as we continue to believe that our stock is an attractive investment and, combined with the dividend, provides the best return to our shareholders.

moving forward we expect to be active in the program as we continue to believe that our stock is an attractive investment and combined with the dividend provides the best return to our shareholders


The offset -- this was offset by favorable trends in other therapies, which resulted in an overall negative script performance for the quarter adjusted for 90-day scripts of negative 63 basis points.

the offset this was offset by favorable trends in other therapies which resulted in an overall negative script performance for the quarter adjusted for 90-day scripts of negative 63 basis points


Yes. I think, Craig, the only thing I'd add there is that it makes sense for our projects because we're able to couple it with a lot of other energy-conservation measures. So we're able to make the economics work.

yes i think craig the only thing i'd add there is that it makes sense for our projects because we're able to couple it with a lot of other energy conservation measures so we're able to make the economics work


And I think a lot of this is primarily due because of the industry in the market. Our public finance division is really doing well. We have one of the top public finance companies

and i think a lot of this is firmly we do because of the industry and the market our public finance division is really doing well we have one of the top public finance companies


choice within the hotel space. And here we can offer a bit more choice. But again, choice that has the kind of quality we want to have connected to our system.

choice within the hotel space and here we can offer a bit more choice but again choice that has the kind of quality we want to have connected to our system


Our ability to provide strong and stable distribution growth to our unitholders is underpinned by our portfolio of strategic assets

our ability to provide strong and stable distribution growth to our unitholders is underpinned by our portfolio of strategic assets


Thanks, Matt, and you -- thank you. You truly have left this company in a place where our best days are ahead of us, and I appreciate your great leadership and what you've done for

thanks matt and you -- thank you you truly have left this company in a place where our best days are ahead of us and i appreciate your great leadership and what you've done for


And again, our focus is really around attacking the complexity across the food supply chain, making sure we drive continued productivity across labor and making sure

and again our focus is really around attacking the complexity across the food supply chain making sure we drive continued productivity across labor and making sure


Our growth efforts are yielding results beyond our food business. In 2017, we stood up a separate management team for our facilities business, we're making substantial progress.

our growth efforts are yielding results beyond our food business in 2017 we stood up a separate management team for our facilities business we're making substantial progress


As we exit 2016 on the heels of a strong quarterly performance and a continued sluggish economy, we have made tremendous progress in transforming Deluxe,

as we exit 2016 on the heels of a strong quarterly performance in a continued sluggish economy we have made tremendous progress in transforming deluxe


And the people who run our lining businesses certainly are asking for that CapEx and that equipment so that they can expand their business, which is a good thing, which is a really good thing.

and the people who run our lining businesses certainly are asking for that capex and that equipment so that they can expand their business which is a good thing which is a really good thing


as instead of the first quarter, with maybe the notable exception of one brand that's been heavily discounted. Yes, the only other thing I would add to that was when you look at the comparisons in 2-year growth.

as instead of the first quarter with maybe the notable exception of one brand that's been heavily discounted yes the only other thing i would add to that was when you look at the comparisons in 2-year growth


we've got our first material out from an end-to-end perspective. We begin testing that and going through internal qualification. I expect to refine the recipe a few times before

we've got our first material out from an end-to-end perspective we begin testing that and going through internal qualification i expect to refine the recipe a few times before


More importantly, however, our strategy of diversification is gaining significant traction as our business is expanding nicely into aerospace and complementary mechanical services offerings.

more importantly however our strategy of diversification is gaining significant traction as our business is expanding nicely into aerospace and complementary mechanical services offerings


my observation is contrary to yours. I think modern people are getting lazier and lazier. They don't like to do things themselves.

my observation is contrary to yours i think modern people are getting lazier and lazier they don't like to do things themselves


We'll provide updates on our business review as well as the status of our attempts at resolution with the PBGC to enable us to operate and grow our business in the most efficient and profitable way possible.

we will provide updates on our business review as well as the status of our attempts at resolution with the pbgc to enable us to operate and grow our business in the most efficient and profitable way possible


our team is implementing a series of strategies to drive adoption of our newer content and workflows. While these initiatives will take time, we remain confident in the potential of the microfluidics business

our team is implementing a series of strategies to drive adoption of our newer content and workflows while these initiatives will take time we remain confident in the potential of the microfluidics business


Moving on to the segment analysis on Slide 7. You see that Consumer Packaging sales were up 2% due most notably to acquisitions,

moving on to the segment analysis on slide 7 you see that consumer packaging sales were up 2% due most notably to acquisitions


On the commercial loan side, we have not yet seen loan growth, but we expect additional lending opportunities to arise as the economy continues to recover.

on the commercial loan side we have not yet seen loan growth but we expect additional lending opportunities to arise as the economy continues to recover


In fact, due to the increasing trust our customers are placing in our services products, we are now generating about half of our services revenue from long-term agreements.

in fact due to the increasing trust our customers are placing in our services products we are now generating about half of our services revenue from long-term agreements


But we are now lapping the impact of those positive tailwinds on industry cigarette volumes, and we are seeing industry volumes returning to a more normal rate of decline.

but we are now lapping the impact of those positive tailwinds on industry cigarette volumes and we are seeing industry volumes returning to a more normal rate of decline


for the entire time that we were making product for ITG. So when you go through the calculated net price realization, that is something that we wanted to provide some color on because I think,

for the entire time that we were making product for itg so when you go through the calculated net price realization that's something that we wanted to provide some color on because i think


up on what Rich said about being judicious in the use of common equity. Because we are generating cash in increasing amounts in our business, we have the flexibility to fund our investments in any number of ways,

pick up on what rich said about being judicious in the use of common equity because we are generating cash in increasing amounts in our business we have the flexibility to fund our investments in any number of ways


Village Operations continues to see improved demand at Searipple. This growth was partially offset by a weaker result in the Victorian business due largely to the state election.

village operations continues to see improved demand at searwater this growth was partially offset by a weaker result in the victorian business due largely to the state election


But for the next set, we have not scoped out yet and determined the timing and the exact amount of work in the capital forecast. We'll address that in the next capital cycle.

but for the next set we have not scoped out yet and determined the timing and the exact amount of work in the capital forecast we'll address that in the next capital cycle


Our team is seeing very little opportunity for revenue growth on pricing alone. Nevertheless, they are out there daily calling on customers in effort to grow our booking business and expand relationships and revenue. If we can continue to build our

our team is seeing very little opportunity for revenue growth on pricing alone nevertheless they're out there daily calling on customers effort to grow our book of business and expand relationships and revenue if we can continue to build our


And like I said in my prepared comments, I don't think anybody -- well, I don't think, I'm certain nobody knows for sure how their NIM is going to react or their net interest income is going to react to rising rates. I think

and like i said in my prepared comments i don't think -- well i don't think -- i'm certain nobody knows for sure how their nim is going to react or their net interest income is going to react to rising rates i think


Our first quarter results reflect the need to complete the second half of our rate relief process so we can recover our infrastructure investment in the region. The loss also reflects that most of our sales occur during the summer months.

our first quarter results reflect the need to complete the second half of our rate relief process so we can recover our infrastructure investment in the region the loss also reflects that most of our sales occur during the summer months


the past 3 months, we've combined a couple of related companies that were in our supplier account, and we did have 2 companies drop off our list. So as a net result, we've seen an increase of 5 new suppliers over the period.

over the past 3 months we've combined a couple of related companies that were in our supplier account and we did have 2 companies drop off our list so as a net result we've seen an increase of 5 new suppliers over the period


This is less than we estimated. We want to continue to monitor the results throughout the spring season. Those results will help inform future decision-making on store optimization.

this is less than we estimated but we want to continue to monitor the results throughout the spring season those results will help inform future decision-making on store optimization


some overhauls, as a result of those life limitations, as we get into the fourth quarter of this year and the first half of next year.

some overhauls as a result of those life limitations as we get into the fourth quarter of this year and the first half of next year


and current reports on Form 8-K identify certain factors that could cause the company's actual results to differ materially from those projected in any forward-looking statements made this morning.

and current reports on form 8-k identify certain factors that could cause the company's actual results to differ materially from those projected in any forward-looking statements made this morning


Unfortunately, and I think we were pretty clear on that when we talked about Marvel in May at the Capital Market, we will not get the Marvel into the VA contract at this term.

unfortunately and i think we were pretty clear on that when we talked about marvel in may and at the capital market we will not get the marvel into the da contract at this term


Yes. So let me talk about kind of the rationale behind it. So when we think about these things, it's not necessarily just a growth profile that we're looking at. It's really around

yes so let me talk about kind of the rationale behind it so when we think about these things it's not necessarily just a growth profile that we're looking at it's really around


should have a positive operating profit impact in fiscal '17, thereby increasing EBITDA. Both of these factors should play towards improving our leverage ratio.

should have a positive operating profit impact in fiscal '17 thereby increasing ebitda both of these factors should play towards improving our leverage ratio


up 10%. For fiscal '17, our strategy for Johnnie Walker is to recruit consumers through 4 pillars consistently and beautifully executed.

up 10% for fiscal '17 our strategy for johnnie walker is to recruit consumers through 4 pillars consistently and beautifully executed


We also added a Haneda to Jakarta route in August and a Narita to Los Angeles route at the end of October. Both routes are performing steadily in line with plans.

we also added a haneda to jakarta route in august and an arita to los angeles route at the end of october both routes are performing steadily in line with plans


as candidate neoantigens. And the conventional tools for identifying neoantigens from those hundreds or thousands of candidate antigens are fundamentally flawed.

as candidate neoantigens and the conventional tools for identifying neoantigens from those hundreds or thousands of candidate antigens are fundamentally flawed


and the whole point of faster and better was to say the market is going to rebound soon. And as the market rebounds, the differentiating factor is going to be lead times essentially, it's our ability to ramp up and execute.

and the whole point of faster and better was to say the market is going to rebound soon and as the market rebounds the differentiating factor is going to be lead times essentially it's our ability to ramp up and execute


This increase was primarily due to contribution from Canwest and higher gross profits in Canadian propane distribution, USRF and the other services segment.

this increase was primarily due to contribution from canwest and higher gross profits in canadian propane distribution usrf and the other services segment


As you can imagine, we're conducting a comprehensive review of the incident to determine any potential opportunities to further improve the security of our global systems environment.

as you can imagine we're conducting a comprehensive review of the incident to determine any potential opportunities to further improve the security of our global systems environment


as we see the full impact of the expense reductions we discussed, and we see a delivery team with a much higher billable utilization and eventually business model that drives a much higher license to service ratio.

as we see the full impact of the expense reductions we discussed and we see a delivery team with a much higher billable utilization and eventually business model that drives a much higher license to service ratio


and I feel good that the team has embraced it. We have brought in a pretty significant amount of either external consultants or people that have done this before,

and i feel good that the team has embraced it we have brought in a pretty significant amount of either external consultants or people that have done this before


in our profitability. And it's a real enabler to the simplification in our supply chain activity. So you will see the benefits play through, but there is a short-term impact as we take some of these actions.

in our profitability and it's a real enabler to the simplification in our supply chain activities so you will see the benefits play through but there is a short-term impact as we take some of these actions


currencies are also a big part of that. And in most cases, they're going the other way, especially in some of the key markets for us. So right now, it's not a big driver for us given that we have to look at both of those together.

currencies are also a big part of that and in most cases they're going the other way especially in some of the key markets for us so right now it's not a big driver for us given that we have to look at both of those together


of a replacement potentially. But may I ask whether Helen spends the same amount on the projects given that you've got a lot of projects going on and increased CapEx? Or

of replacement potentially but may i ask whether helen spends the same amount on the projects given that you've got a lot of projects going on and increased capex or


As we have said consistently, our goal is to initiate a first pivotal registration study for tipifarnib in 2018. And I'm very pleased with the team's progress toward achieving this important objective.

as we've said consistently our goal is to initiate a first pivotal registration study for tipifarnib in 2018 and i'm very pleased with the team's progress toward achieving this important objective


Ladies and gentlemen, thank you for participating in today's conference. This does conclude the program, and you may all disconnect. Everyone, have a great day.

ladies and gentlemen thank you for participating in today's conference this does conclude the program and you may all disconnect everyone have a great day


I'm proud of our first quarter results as each of our businesses delivered strong operating performance and increased EBITDA despite the slower-than-expected pace of U.S. housing starts in the first quarter.

i'm proud of our first quarter results as each of our businesses delivered strong operating performance and increased ebitda despite the slower-than-expected pace of u s housing starts in the first quarter


including our expanding marketplace relationships, Venmo monetization, domestic India as well as the strong secular growth driving digital payments and mobile commerce.

including our expanding marketplace relationships vinmo monetization domestic india as well as the strong secular growth driving digital payments and mobile commerce


that we report because of that -- just because of that math around that. And so that's why we're so pleased to show kind of a steady

that we report because of that -- just because of that math around that and so that's why we're so pleased to show kind of a steady


And so we are having -- we are very open with that partner and we are having discussions with other grocery banners to carry our products. These products are

and so we're having -- we're very open with that partner and we are having discussions with other grocery banners to carry our products these products are


essentially, at least currently, are saying that that's probably going to be fairly net neutral in the first quarter. We won't have any of the synergies in place really, we'll have some additional costs as we

essentially at least currently are saying that that's probably going to be fairly net neutral in the first quarter we won't have any of the synergies in place really we'll have some additional costs as we


Overall, GNL had a strong third quarter and our portfolio continued to exhibit the characteristics of being one of the best portfolios in our industry.

overall gnl had a strong third quarter and our portfolio continued to exhibit the characteristics of being one of the best portfolios in our industry


As we've discussed many times in the past, deconversion revenue is largely outside our control and very difficult to forecast. But Kevin will provide more detail regarding what we see on the horizon in his remarks.

as we've discussed many times in the past deconversion revenue is largely outside our control and very difficult to forecast but kevin will provide more detail regarding what we see on the horizon in his remarks


we just don't have a lot of it. And without a lot of visibility into our fourth quarter and the uncertainty that we're seeing in the overall macro environment,

we just don't have a lot of it and without a lot of visibility into our fourth quarter and the uncertainty that we're seeing in the overall macro environment


At MDU Resources, we are committed to operating with integrity and a continue to focus on safely and creating superior shareholder value while building a strong America.

at mdu resources we are committed to operating with integrity and to continue to focus on safely and creating superior shareholder value while building a strong america


Now here, again, a very special situation. We don't do it by our own, alone. We are in corporation with a joint venture partner

now here again a very special situation we don't do it by our own alone we are in cooperation with a joint venture partner


done work in the past, which is, what else can an ethanol plant do? And so while we look across multiple agricultural processing industries and we see that if you can make high-protein, you're getting paid for it in the world,

done work in the past which is what else can an ethanol plant do and so while we look across multiple agricultural processing industries and we see that if you can make high protein you're getting paid forward in the world


So they're still playing catch-up, so they have been placing orders. So it's a higher percentage than what we would have expected if we were to go back, 2, 3 years ago when we would have thought that

so they're still playing catch-up so they've been placing orders so it's higher percentage than what we would have expected if we were to go back 2 3 years ago when we would have thought that


This is my impression. The rise in investment climate was seen not only in CapEx but also in OpEx, such as full productivity improvement.

this is my impression the rise in investment climate was seen not only in capex but also in opex such as for productivity improvement


research or prepayment, we have converted a lot of solutions into the cloud. In terms of

research or prepayment we have converted a lot of solutions into the cloud in terms of


what we have modeled for the resource and anything as an overall average. So anything above that is most welcome but not to always be expected.

what we have modeled for the resource and anything as an overall average so anything above that is most welcome but not to always be expected


As we look at the portfolio and evaluate the economy, we continue to approach the market with a belief that we are late in the credit cycle and that economic growth is slowing.

as we look at the portfolio and evaluate the economy we continue to approach the market with the belief that we are late in the credit cycle and that economic growth is slowing


The efficiency of the paid marketing spend and our control of operating expenses enables us to remain confident about our EBITDA expectations as the operating leverage shown by respective growth in revenue and expenses continues.

the efficiency of the paid marketing spend and our control of operating expenses enables us to remain confident about our ebitda expectations as the operating leverage shown by respective growth in revenue and expenses continues


across brands, channels, retailers and consumer segments provides us with more flexibility and better positions us for a constantly evolving retail environment.

across brands channels retailers and consumer segments provides us with more flexibility and better positions us for a constantly evolving retail environment


which is not large enough of a sample size to move the needle for the company. And I'd also tell you, look, there's other green shoots that we're certainly seeing, but they're not big enough to move the needle for the company.

which is not large enough of a sample size to move the needle for the company and i'd also tell you look there's other green shoots that we're certainly seeing but they're not big enough to move the needle for the company


Look, I'm not going to spend too much time on what happened in the past, although what happened over that decade in terms of regulatory costs and things like that, that

mike i'm not going to spend too much time on what happened in the past although a lot happened over that decade in terms of regulatory costs and things like that that


Generally land expenditures are lumpy because land terms usually you lock them up and then you don't have to spend any money on renewals for a while. So that's one of the main drivers.

generally land expenditures are lumpy because land terms usually you lock them up and then you don't have to spend any money on renewals for a while so that's one of the main drivers


as a result of the wet ground conditions and increased drilling activity. Service revenues from this business, the transportation, installation and mat management services we perform on behalf of customers,

as a result of the wet ground conditions and increased drilling activity service revenues from this business the transportation installation and management services we perform on behalf of customers


However, neither one has changed meaningfully. Instead, we saw lower growth across the board, particularly towards the end of the calendar quarter.

however neither one has changed meaningfully instead we saw lower growth across the board particularly towards the end of the calendar quarter


To support our growth initiatives, we continue to enhance our relationships with our carrier partners to effectively service the dynamic volume swings and overall demand.

to support our growth initiatives we continue to enhance our relationships with our carrier partners to effectively service the dynamic volume swings and overall demand


The storm's impact on our projects in the third quarter included the cost of demobilization and remobilization and, to a lesser extent, damaged materials.

the storm's impact on our projects in the third quarter included the cost of demobilization and remobilization and to a lesser extent damaged materials


and 8.9 million daily active users added in the fourth quarter, the highest number of quarterly net adds since the third quarter of 2016. All this growth came at a lower cost than the previous quarter.

and 8 9 million daily active users added in the fourth quarter the highest number of quarterly net adds since the third quarter of 2016 all this growth came at a lower cost than the previous quarter


have and will continue to shift our online presence back towards a design and product focus that encourages visitors to come to our stores for design assistance on their projects.


and what problems they solve in each region. It includes our current benefits offering and whether that resonates and where that stands in that specific market,

and what problems they solve in each region it includes our current benefits offering and whether that resonates and where that stands in that specific market


As discussed previously, we and our alpha client have been extremely pleased with the accumulated results, which generate higher finding rates than the usual post-payment reviews.

as discussed previously we and our alpha client have been extremely pleased with the accumulated results which generate higher finding rates than the usual post-payment reviews


As a reminder, most of these engagements are multiyear in nature and are periodically renewed through a formal RFP process. Our success rate in winning RFPs continues to be very high.

as a reminder most of these engagements are multi-year in nature and are periodically renewed through a formal rfp process our success rate in winning rfps continues to be very high


That said, we are fully committed to serving our customers and channel partners worldwide, and our technology capabilities enable us to consistently outperform the market.

that said we are fully committed to serving our customers and channel partners worldwide and our technology capabilities enable us to consistently outperform the market


than financing those acquisitions in downturns. So we have a history of raising capital in upturns and spending it wisely on strategic

then financing those acquisitions in downturns so we have a history of raising capital in upturns and spending it wisely on strategic


between interest and taxes are largely offset. So this measure is quite a good indicator of both net income growth

between interest and taxes are largely offset so this measure is quite a good indicator of both net income growth


Got you. And was this just a function of not having the right person to sign a contract? Or can you kind of talk a little bit about as far as what the timing delays were?

got you and was this just a function of not having the right person to sign a contract or can you talk a little bit as far as what the timing delays were


For travel, we will be mainly sold by the end of April for this year's departures. So we already have a lot of visibility on the outcome for this part of the business.

for travel we will be mainly sold by the end of april for this year's departures so we already have a lot of visibility on the outcome for this part of the business


if they are exclusively because of the cash sweep. Now the amortization during the month of December and the beginning of January,

if they are exclusively because of the cash sweep now the amortization during the month of december and the beginning of january


still have plenty of opportunity. And I think that over the next several quarters, we will see continued improvement in the expense ratio.

we still have plenty of opportunity and i think that over the next several quarters we will see continued improvement in the expense ratio


you had an org change, it's started, you had to stop it halfway through and kind of go to a hybrid version of it to overcome this change. So yes, and I think that, that's one of the reasons why you're going to see an improved

you had an arc change that started you had to stop it halfway through and kind of go to a hybrid version of it to overcome this change so yes and i think that that's one of the reasons why you're going to see an improved


just given the mix -- some of the mix elements that we see and we'll likely finish on the full year about 50 basis points better than our guidance. So we're going to beat our guidance overall and

just given the mix some of the mix elements that we see we'll likely finish on the full year about 50 basis points better than our guidance so we're going to beat our guidance overall and


In one huge country, big smoking country, we have 2 companies, both tobacco companies, one a large tobacco company, one a very small tobacco company, in the country that would like us to

in one huge country big smoking country we have 2 companies both tobacco companies one a large tobacco company one a very small tobacco company in the country that would like us to


I think it's important to consider where we are today. We are and remain the largest franchised automotive dealership group in Australasia and that scale is strategically valuable.

i think it's important to consider where we are today we are and remain the largest franchised automotive dealership group in australasia and that scale is strategically valuable


Our margins are stabilized, and we will continue to focus our efforts on delivering the expected U.S. profitability as well as the integration of the Brazilian business following the Vigor acquisition.

our margins are stabilized and we will continue to focus our efforts on delivering the expected u s profitability as well as the integration of the brazilian business following the vigoro acquisition


in the advisory products. We expect these funds to be available early in the second quarter and to be available in the existing MAP program immediately

in the advisory products we expect these funds to be available early in the second quarter and to be available in the existing map program immediately


So we're seeing Connect as a great retention tool for people who want to continue to engage, and we have many members who have achieved their original goals

so we're seeing connect as a great retention tool for people who want to continue to engage and we have many members who have achieved their original goals


contracted and designed at 800 million a day. Once you get into service and you start to see how it runs and you see how the gas -- where the gas is going and where it's coming from and how the turbines are behaving,

contracted and designed at 800 million a day once you get into service and you start to see how it runs and you see how the gas -- where the gas is going and where it's coming from and how the turbines are behaving


year benefit from the earnings from the acquisitions, but we also have the full cost of the acquisitions in the borrowing number that we're using for our leverage calculation, so there's no mismatch in terms of the leverage number.

year benefit from the earnings from the acquisitions but we also have the full cost of the acquisitions in the borrowing number that we're using for our leverage calculation so there's no mismatch in terms of the leverage number


That drives over time, as the business matures, a shift from individual events to verticals and management of longer-term relationships. And you could begin to see the emergence of our business

that drives over time as the business matures a shift from individual events to verticals and management of longer-term relationships and you can begin to see the emergence of our business


a reasonable framework for how to think about your business in time for the 2016 upfronts, in time for the 2016 upfronts. And everybody is aligned around that interest. Everybody that came to our meeting last week,

a reasonable framework for how to think about your business in time for the 2016 upfronts in time for the 2016 upfronts and everybody is aligned around that interest everybody that came to our meeting last week


Overall, we are pleased with our first quarter results, and are committed to executing our transformation strategy to ensure long-term profitable growth in housing and lifestyle.

overall we are pleased with our first quarter results and are committed to executing our transformation strategy to ensure long-term profitable growth in housing and lifestyle


These investments have been bearing fruit as we systematically raise larger successor funds, launch sizable first-time funds and penetrate new geographies and new distribution channels.

these investments have been bearing fruit as we systematically raise larger successor funds launch sizable first-time funds and penetrate new geographies and new distribution channels


So this is the product the physicians go to manage these critical patients whose median survival is in the range of 2 to 4 weeks when they actually are experiencing this exacerbation of their condition.

so this is the product that physicians go to manage these critical patients whose median survival is in the range of 2 to 4 weeks when they actually are experiencing this exacerbation of their condition


is to be a tube supplier and a technology provider to a local construction company or a local organization that has a better opportunity to leverage overhead.


And again, there we really optimized our profitability in relation to our activities. And as I mentioned before, we are aligned for bringing in more capacity.

and again there we really optimized our profitability in relation to our activities and as i mentioned before we are aligned for bringing in more capacity


of monetizing a more material amount of our current investment base would be in Ottawa and in Edmonton.

of monetizing a more material amount of our current investment base would be in ottawa and in edmonton


To best position Kaman to compete and drive profitable growth through the current market cycle, we have recently accelerated some of our actions to reduce cost and improve margin performance.

to best position command to compete and drive profitable growth through the current market cycle we have recently accelerated some of our actions to reduce cost and improve margin performance


and significant transitions occurred in this business over the last few years. And that saw the company diversify away from the mining sector and focus on markets we see as having growth potential

and significant transitions occurred in this business over the last few years and that saw the company diversify away from the mining sector and focus on markets we see as having growth potential


In addition, we will continue to invest in new stores across all of our channels in U.K., and we expect to open between 15 and 20 new stores in the current financial year,

in addition we will continue to invest in new stores across all of our channels in u k and we expect to open between 15 and 20 new stores in the current financial year


Rapid adoption of our ERT power sections, which provide up to twice the power of conventional motors is contributing to the strong performance, as is pricing for our drilling motors, which has nearly returned to 2014 levels.

rapid adoption of our ert power sections which provide up to twice the power of conventional motors is contributing to the strong performance as is pricing for our drilling motors which has nearly returned to 2014 levels


there was -- it seemed like there was a little bit of a bump up on the top end of the guidance range, as far as CapEx is concerned. Is that just conservatism because of the modest delays? Is that all we should read into that?

there was -- it seemed like there was a little bit of a bump up on the top end of the guidance range as far as capex is concerned is that just conservatism because of the modest delays is that all we should read into that


and the Philippines, and we reduced expenses in tomato production by replacing our own U.S.-based production with new grower relationships in Mexico.

and the philippines and we reduced expenses in tomato production by replacing our own u s -based production with new grower relationships in mexico


is something really special and unique. And I actually think it's an advantage to figure out how to do innovation that can build from

is something really special and unique and i actually think it's an advantage to figure out how to do innovation that can build from


In the Czech Republic, the focus had been on building construction for the automobile industry as well as commercial centers and office buildings for industrial clients.

in the czech republic the focus had been on building construction for the automobile industry as well as commercial centers and office buildings for industrial clients


So I'm concerned about that getting worse going forward, and I think that would have an effect. I think China moving from the buyer to a seller is probably

so i'm concerned about that getting worse going forward and i think that would have an effect i think china moving from the buyer to a seller is probably


has really struck me as very different. It is repositioning -- the world is changing so fast in terms of where you need to be and how quickly you need to reposition to be

has really struck me is very different it is repositioning the world is changing so fast in terms of where you need to be and how quickly you need to reposition to be


we remain committed to supporting a highly diverse and global distribution platform to deliver our expertise into those markets where these strategies are highly sought after.


We have shared snippets of our company vision in the past, but I'd like to share the part that most strongly speaks to me. That we aim to be a company that improves the lives of team members, customers, industry partners and our communities.

we have shared snippets of our company vision in the past but i'd like to share the part that most strongly speaks to me that we aim to be a company that improves the lives of team members customers industry partners and our communities


I don't even know how we could possibly even handle it. There are so many major projects teeing up for the next 12 to 18 months

i don't even know how we could possibly even handle it there are so many major projects teaming up for the next 12 to 18 months


Each of those groups have its own unique requirements from the center and our masterplan approach needed to be balanced to ensure the end product effectively meet each of those group's needs.

each of those groups had its own unique requirements from the center and our master plan approach needed to be balanced to ensure the end product effectively meets each of those groups' needs


We believe we are well on our way to capturing better growth and value creation over the long run as a focused company, capitalizing on decades of deep experience and relationships in the Midwest.

we believe we are well on our way to capturing better growth and value creation over the long run as a focused company capitalizing on decades of deep experience and relationships in the midwest


Just look at their track record. They've got huge amounts of dry powder. They've got the ability to deploy massive amounts of capital. And we've been their largest partner for 4 of the last 6 years.

just look at their track record they've got huge amounts of dry powder they've got the ability to deploy massive amounts of capital and we've been their largest partner for 4 of the last 6 years


But the takeaway is that these will be largely transitional in nature that, while they will impact 2016 results, we don't expect them to impact 2017 and forward in a similar fashion.

but the takeaway is that these will be largely transitional in nature and that while they will impact 2016 results we don't expect them to impact 2017 and forward in a similar fashion


we're seeing a lot of suppliers still looking to try to claw back losses they've seen with transactional FX incurred over the last 18 months. The other factor that we see is wage inflation.

and we're seeing a lot of suppliers still looking to try to claw back losses they've seen with transactional fx incurred over the last 18 months the other factor that we see is wage inflation


So as in the usual way, we've got a presentation to run through with you this morning. Very happy to take questions at the end. It is being webcast, so there will be a microphone available. If you have a question, please

so as the usual way we've got a presentation to run through with you this morning very happy to take questions at the end it is being webcast so there will be a microphone available if you have a question please


not a lot of large companies have had that experience, given that their sales forces might be focused on parasiticides or flea, tick, heartworm or broader categories versus trying to sell

not a lot of large companies have had that experience given that their sales forces might be focused on parasiticides or flea tick heartworm or broader categories versus trying to sell


our innovation starts to not yield the kinds of benefits that we are seeing. So I think we are going through a period of incredible disruption between consumer preferences, retail channel changes.

our innovation starts to not yield the kinds of benefits that we're seeing so i think we're going through a period of incredible disruption between consumer preferences retail channel changes


This adjustment had the effect of distorting our revenues, gross profit, margins and EBITDA. So during my discussion, I will try to discuss key results with and without the Chase rebate.

this adjustment has the effect of distorting our revenues gross profit margins and ebitda so during my discussion i will try to discuss key results with and without the chase rebate


and we need to see how do we bring the guarantee down because there are ways of bringing it down. And how can we also make sure that if people need cash we can accommodate their wish.

and really to see how do we bring the guarantee down because there are ways of bringing it down and how can we also make sure that if people need cash we can accommodate their wish


of tomorrow, but those are also the markets that we need to streamline and need to decide where are we staying in and where are we going out. And you have seen that we mean it.

of tomorrow but those are also the markets that we need to streamline and need to decide where are we staying in and where are we going out and you have seen that we mean it


So we know that we are at the bottom, I'd say, of the rate cycle. We are also, at the same time, towards the bottom of the regulatory curve.

so we know that we are at the bottom i'd say of the rate cycle we are also at the same time towards the bottom of the regulatory curve


I am pleased to say that we have made considerable progress on these goals in the first 4 quarters, and we are a different Westport Fuel Systems today.

i am pleased to say that we have made considerable progress on these goals in the first 4 quarters and we are a different westport fuel system today


and then we would get more of a normal saturation or maturing of the market. So we do believe that we're moving into a phase where the market is maturing a little bit more.

and then we would get more of a normal saturation or maturing of the market so we do believe that we're moving into a phase where the market is maturing a little bit more


Yes, Ted, it's -- I think the vision is broad because the opportunity is large. But, of course, we're going to follow the data and the science to get there.

yes ted it's -- i think the vision is broad because the opportunity is large but of course we're going to follow the data and the science to get there


Any reference in our discussion today to EBITDA means adjusted EBITDA, which excludes non-run-rate items, for which we've provided reconciliations in the appendix.

any reference in our discussion today to ebitda means adjusted ebitda which excludes non-run rate items for which we've provided reconciliations in the appendix


Well, those aren't the people that we're approaching with Ovation. The people that are -- right now are taking advantage of the Ovation program are ones who have paid off their loans.

well those aren't the people for -- that we're approaching with ovation the people that are right now are taking advantage of the ovation program are ones who have paid off their loans


variation from that would be, and I think Mark mentioned it, we had to move into a new office building. That move was done in May. But I think we started paying rent in April

one variation from that would be and i think mark mentioned it we had to move into a new office building that move was done in may but i think we started paying rent in april


Yes. Look, there's no question as we think about the second half. So you can do the math on what we need to do in the second half to get to at least 1. That's still -- we need a good second half.

yes look there's no question as we think about the second half so you can do the math on what we need to do in the second half to get to at least one that's still -- we need a good second half


The strong sales contribution made by products that have been on the market for only about one year offers clear proof of the significant progress we are making.

the strong sales contribution made by products that have been on the market for only about 1 year offers clear proof of the significant progress we are making


We've enrolled cross-functional teams to support deployment and delivery of the solutions, establish pricing and created the marketing collateral needed to commercialize the opportunity.

we've enrolled cross-functional teams to support deployment and delivery of the solutions establish pricing and created the marketing collateral needed to commercialize the opportunity


Particularly on the imaging side of that business, we've launched a new product there MicroHAWK last year, which is doing very, very well indeed. And they had, last year you may recall very good growth

particularly on the imaging side of that business we've launched a new product there microhawk last year which is doing very very well indeed and they had last year you may recall very good growth


what's going on in brick-and-mortar. So focus on experiential is still a big part of the way the retailers are planning their business and trying to bring that into their businesses

what's going on in brick-and-mortar so focus on experiential is still a big part of the way the retailers are planning their business and trying to bring that into their businesses


We believe that we are uniquely positioned to be a consolidator. At the same time, we plan to continue to return cash to shareholders, consistent with our stated commitment for capital return.

we believe that we are uniquely positioned to be a consolidator at the same time we plan to continue to return cash to shareholders consistent with our stated commitment for capital return


we're living with the arrogance of airports, are having disputes all the time that we think could be reasonably resolved if an independent arbitrator actually got involved in this and stopped it

we're living with the arrogance of airports and we're having disputes all the time that we think could be reasonably resolved if an independent arbitrator actually got involved in this and stopped it


we are starting to see tangible results that are planned, coupled with our core operating principles of high quality and strong execution, is beginning to yield positive results.

we are starting to see tangible results that our plan coupled with our core operating principles of high quality and strong execution is beginning to yield positive results


an environment where there's less emphasis, industry-wide, on products like commercial real estate, et cetera. So I think it's going to make our business more competitive. I think that could have

an environment where there's less emphasis industry-wide on products like commercial real estate et cetera so i think it's going to make our business more competitive i think that could have


We have commenced production and started to shift some products from Haiti and we plan to gradually add more capacity to meet expected customer demand.

we have commenced production and started to ship some products from haiti and we plan to gradually add more capacity to meet expected customer demand


your view of this being an uptick in the market versus just some seasonality into the end of the year or customers trying to take advantage of what's a weaker pricing environment?


However, virtually all of the decline occurred in the first month of the quarter, and the level of denials experienced in the final month of the quarter suggests a run rate for the back half of this year

however virtually all of the decline occurred in the first month of the quarter and the level of denials experienced in the final month of the quarter suggest a run rate for the back half of this year


would validate that, that oftentimes the patients that they get coming out of SNFs are much sicker and require longer episodes. But even if you took that and moved that aside,

would validate that that oftentimes the patients that they get coming out of snfs are much sicker and require longer episodes but even if you took that and moved that aside


The investment mix continued to reflect our focus on thicker subordinate positions where we earn an attractive premium versus traditional on-the-run securities in the primary and secondary markets.

the investment mix continued to reflect our focus on thicker subordinate positions where we earn an attractive premium versus traditional on-the-run securities in the primary and secondary markets


But increasingly, new players and digital-focused players are winning more of the customer's wallet. FinTechs are leading in terms of innovative new digital products, but none of them outside of Mogo have any real scale in terms of members,

but increasingly new players and digital-focused players are winning more of the customer's wallet fintechs are leading in terms of innovative new digital products but none of them outside of mogo have any real scale in terms of members


that it will be lifted up and that it will be removed. That's the expectation. Separate from that on the project finance side, creditors,

that it will be lifted up and that it will be removed that's the expectation separate from that on the project finance side creditors


We are working on some initiatives that will enable us to quickly chase business and capture incremental sales if performance exceeds expectations while remaining prudent in the way we manage inventory levels.

we are working on some initiatives that will enable us to quickly chase business and capture incremental sales if performance exceeds expectations while remaining prudent in the way we manage inventory levels


construction output was broadly flat. Significant variations and probably more so in ready-mix than anywhere and that will be somewhat impacted by activities in the London market, which, as you know, we are less exposed

construction output was broadly flat significant variations and probably more so in ready-mix than anywhere and that will be somewhat impacted by activities in the london market which as you know we are less exposed


Okay. So Amazon has flexibility, and you also have flexibility with the 20 purchased from American. Is that the best way to look at it? Yes. That's a fair statement.

okay so amazon has flexibility and you also have flexibility with the 20 purchased from american is that the best way to look at it yes that's a fair statement


cooperative development together for the downstream investments. It was hard work and I'm pleased to say we are making tangible progress in delivery of all the key issues right now.

cooperative development together for the downstream investments it was hard work and i'm pleased to say we are making tangible progress in delivery of all the key issues right now


For example, during a recent storm that caused hundreds of flight cancellations, one of our customers used this technology to determine a crew recovery 4x faster than current industry benchmarks,

for example during a recent storm that caused hundreds of flight cancellations one of our customers used this technology to determine a crew recovery 4x faster than current industry benchmarks


This happens because we bill based on the retail diesel fuel index that is set on Mondays, and we pay current-day fuel prices, which end up being lower than the index when fuel is dropping.

this happens because we build based on the retail diesel fuel index that is set on mondays and we pay current day fuel prices which end up being lower than the index when fuel is dropping


We also will be reviewing certain underperforming accounts. And if they cannot be fixed to meet our profitability goals, we may choose to exit certain businesses to take on new businesses.

we also will be reviewing certain underperforming accounts and if they cannot be fixed to meet our profitability goals we may choose to exit certain businesses to take on new businesses


Also in the quarter, Germany continued to deliver strong growth as we lapped last year's revenue management actions. More than half of our revenue in chocolate grew share.

also in the quarter germany continued to deliver strong growth as we lapped last year's revenue management actions more than half of our revenue in chocolate grew share


Moving to cost. Commodity input cost inflation continued to accelerate in the second quarter as we experienced higher costs for secondary fiber, logistics and chemicals.

moving to costs commodity input cost inflation continued to accelerate in the second quarter as we experienced higher costs for secondary fiber logistics and chemicals


The last mile, I call it to go from your hub out to a salesforce, I'm not going to build a 1,000 of those or invest it. Somebody else does it better, I'd like to work with someone else to provide that.

the last mile i call it to go from your hub out to a sales force i'm not going to build 1 000 of those or invest in it somebody else does it better i can work with someone else to provide that


so they know it's a problem. I think they're fact-finding right now. And I think we feel good that they're going to take some action on this because it just needs to happen to rebuild our infrastructure and to

so they know it's a problem i think they're fact-finding right now and i think we feel good that they're going to take some action on this because it just needs to happen for -- to rebuild our infrastructure and to


We feel like we are ahead of the curve in terms of bringing the right exclusive products at the right time and leveraging PowerUp Rewards to message the right opportunity to each member.

we feel like we are ahead of the curve in terms of bringing the right exclusive products at the right time and leveraging power up rewards to message the right opportunity to each member


We expect that the majority of ENLC's cash available for distribution growth in 2017, we waited to the second half of the year, in large part driven by segment profit growth on our Oklahoma footprint.

we expect that the majority of enlc's cash available for distribution growth in 2017 we waited to the second half of the year in large part driven by segment profit growth on our oklahoma footprint


This project is, as I said, in a very early stage, but we regard this as a very, very interesting field and a very strong complement for Gerresheimer in the future.

this project is as i said in a very early stage but we regard this as a very very interesting field and a very strong complement for gerasimer for the future


We are currently in early stages of establishing robust processes in sales, marketing and product development to drive more sustainable growth.

we are currently in early stages of establishing robust processes in sales marketing and product development to drive more sustainable growth


We brought that capability in-house. The firm had grown to a point where we really felt it was important to have the intellectual capital under our own roof, to make it available to our high net worth clients

we brought that capability in-house the firm had grown to a point where we really felt it was important to have the intellectual capital under our own roof to make it available to our high net worth clients


But we've also been successful in exporting diesel fuel to Europe. And many times this is on larger ships that gives them a bit of an advantage.

but we've also been successful in exporting diesel fuel to europe and many times this is on larger ships that gives them a bit of an advantage


which we expect to have completed entering the fourth quarter of 2018. This investment and expanding our sales force reflects the opportunity we see in the tardive dyskinesia market

which we expect to have completed entering the fourth quarter of 2018 this investment in expanding our sales force reflects the opportunity we see in the tar dive dyskinesia market


Our industrial footprint represents a breadth of product opportunities to capitalize on our existing capabilities and competencies for us both through acquisitions and organic market penetration and expansion initiatives.

our industrial footprint represents a breadth of product opportunities to capitalize on our existing capabilities and competencies for us both through acquisitions and organic market penetration and expansion initiatives


We expect to use available cash to continue to reduce our debt, support our various growth activities, pay our quarterly dividend and opportunistically repurchase shares of our common stock.

we expect to use available cash to continue to reduce our debt support our various growth activities pay our quarterly dividend and opportunistically repurchase shares of our common stock


With the formation of the combined entity between ASE Group and SPIL, there are a few less common accounting treatments, which probably require more in-depth explanation.

with the formation of the combined entity between ase group and spill there are a few less common accounting treatments which probably require more in-depth explanation


and the mix determines then the final margin. So we have many different products.

and the mix determines then the final margin so we have many different products


In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this presentation should not be regarded as a representation by us that our plans or objectives will be achieved.

in light of these and other uncertainties the inclusion of a projection or forward-looking statement in this presentation should not be regarded as a representation by us that our plans or objectives will be achieved


In addition, we have started using newer ligands that have distinct advantages and have discovered ways to eliminate the use of PK enhancing structures, which makes for a smaller and more structurally simple molecule.

in addition we have started using newer ligands that have distinct advantages and have discovered ways to eliminate the use of pk-enhancing structures which makes for a smaller and more structurally simple molecule


As you have seen us do when we do not see opportunities to redeploy the capital in the business, we will return capital to our shareholders through share repurchases and dividends.

as you have seen us do when we do not see opportunities to redeploy the capital in the business we will return capital to our shareholders through share repurchases and dividends